The Council shall have the power to determine the necessity of any local or public improvement, including public parking facilities and boulevard lighting systems, and to determine that the whole or any part of the costs thereof shall be defrayed by special assessment upon the property especially benefitted, and shall so declare by resolution, provided that all special assessments levied shall be based upon or be in proportion to the benefits derived or to be derived. Such resolution shall state the estimated cost of the improvement, what proportion of the cost shall be paid by special assessment, what part, if any, shall be a general obligation of the City, the number of installments in which the assessments may be paid, the interest rate on any unpaid assessment if any, the date on which any such interest shall commence, and shall designate the districts or land and property on which special assessments shall be levied.